STOCKLAND — Director's Dealing 2005

Sep 4, 2005

5 September 2005

Level 16 157 Liverpool Street SYDNEY NSW 2000

www.stockland.com.au

Tel: 02 9321 1500 Fax: 02 9321 1599

Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

SGP: Appendix 3Y - Change of Director's Interest Notice

Please find attached an Appendix 3Y in relation to a change in relevant interests of Mr Graham Bradley.

Yours sincerely

They Hell

Phillip Hepburn Secretary

Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741 AFSL No. 241190 As Responsible Entity for Stockland Trust ARSN 092 897 348

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entitySTOCKLAND(Joint listing of Stockland Corporation Limited and Stockland Trust)
ABN	Stockland Corporation Limited - 43 000 181 733Stockland Trust - 12 706 208 920

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Graham John Bradley
Date of last notice	19 November 2004

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Name of holder:	Bond StreetCustodians Limitedas Custodian forDaphino Pty Ltd,trustee of BradleySuperannuation Fund
		Nature of interest: Director of DaphinoPty Limited
	Name of holder:	Bond StreetCustodians Limitedas Custodian forDaphino Pty Ltd,trustee of GJ BradleyFamily Trust
		Nature of interest: Director of DaphinoPty Limited
Date of change	31 August 2005

+ See chapter 19 for defined terms.

No. of securities held prior to change	44,780 comprising:
	20,000 Graham Bradley
	10,330 Bond Street Custodians Pty Ltd
	14,450 Daphino Pty Limited
Class	Ordinary Stapled Securities
Number acquired	665
Number disposed	Nil
Value/Consideration	$5.90 per security
Note: If consideration is non-cash, provide details and estimatedvaluation
No. of securities held after change	45,445 comprising:
	20,665 Graham Bradley
	10,330 Bond Street Custodians Pty Ltd
	14,450 Daphino Pty Limited
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of	Issue of securities under Distribution and
securities under dividend reinvestment plan, participation in buy-back	Dividend Reinvestment Plan

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract
Nature of interest
Name of registered holder(if issued securities)
Date of change
No. and class of securities towhich interest related prior to
changeNote: Details are only required for a contract in relation.to which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation
Interest after change

$+$ See chapter 19 for defined terms.